Starwood Property Trust

-13.84%

More reviews (2)

Live  

Starwood Property Trust, Inc. is a leading real estate investment trust (REIT) that specializes in commercial and residential real estate debt investments. Founded in 2009, the company is headquartered in Greenwich, Connecticut and has a diverse portfolio of properties across the United States and Europe.
The company’s primary business is originating, acquiring, financing, and managing commercial mortgage loans, mezzanine loans, and other commercial real estate-related debt investments. Starwood Property Trust also invests in residential mortgage loans, non-performing loans, and other real estate assets.
The company’s investment strategy focuses on high-quality properties in major markets and it targets a wide range of property types including office, industrial, retail, hospitality, and multifamily properties. Starwood Property Trust also seeks to diversify its investment portfolio by investing in a range of loan types and asset classes.
Starwood Property Trust is externally managed by Starwood Property Trust Management, LLC, a subsidiary of Starwood Capital Group. The company’s shares trade on the New York Stock Exchange under the ticker symbol STWD.
As of November 2021, Starwood Property Trust has a market capitalization of over $7.5 billion and a strong track record of delivering consistent returns to its shareholders. The company’s leadership team includes experienced professionals in the real estate and finance industries, with extensive expertise in commercial and residential real estate investing.

U3Rhcndvb2 QgUHJvcGVy dHkgVHJ1c3 QgaXMgYSBj b21wYW55IH RoYXQgdGFr ZXMgY2FyZS BvZiBidWls ZGluZ3MgYW 5kIHByb3Bl cnRpZXMsIG xpa2UgaG90 ZWxzLCBhcG FydG1lbnRz LCBhbmQgb2 ZmaWNlIHNw YWNlcy4gVG hpbmsgb2Yg aXQgbGlrZS BhIGJpZyBw dXp6bGUgdG hhdCBpbmNs dWRlcyBhbG wga2luZHMg b2YgcGxhY2 VzIHdoZXJl IHBlb3BsZS BsaXZlIGFu ZCB3b3JrLj xicj5UaGUg d2F5IFN0YX J3b29kIG1h a2VzIG1vbm V5IGlzIGJ5 IGRvaW5nIG EgZmV3IG1h aW4gdGhpbm dzLiBGaXJz dCwgdGhleS BsZW5kIG1v bmV5IHRvIG 90aGVyIHBl b3BsZSBvci Bjb21wYW5p ZXMgdGhhdC B3YW50IHRv IGJ1eSBvci BidWlsZCBw cm9wZXJ0aW VzLiBXaGVu IHRoZXNlIH Blb3BsZSBw YXkgYmFjay B0aGUgbG9h bnMsIFN0YX J3b29kIGVh cm5zIGludG VyZXN0LCB3 aGljaCBpcy BsaWtlIGV4 dHJhIG1vbm V5IGZvciBo ZWxwaW5nIH RoZW0gb3V0 LiBTZWNvbm QsIHRoZXkg YWxzbyBvd2 4gc29tZSBw cm9wZXJ0aW VzIGRpcmVj dGx5LCBsaW tlIGhvdGVs cyBvciBzaG 9wcGluZyBj ZW50ZXJzLi BXaGVuIHBl b3BsZSBzdG F5IGluIHRo b3NlIGhvdG VscyBvciBy ZW50IHNwYW NlIGluIHRo b3NlIHNob3 BwaW5nIGNl bnRlcnMsIF N0YXJ3b29k IGNvbGxlY3 RzIG1vbmV5 IGZyb20gdG hlbS4gPGJy PlN0YXJ3b2 9kIGlzIHN1 Y2Nlc3NmdW wgZm9yIGEg ZmV3IHJlYX NvbnMuIFRo ZXkga25vdy BhIGxvdCBh Ym91dCB0aG UgcmVhbCBl c3RhdGUgbW Fya2V0LCB3 aGljaCBtZW FucyB0aGV5 IGFyZSBnb2 9kIGF0IGZp Z3VyaW5nIG 91dCB3aGVy ZSB0byBpbn Zlc3QgdGhl aXIgbW9uZX kuIFRoZXkg YWxzbyBoYX ZlIHN0cm9u ZyByZWxhdG lvbnNoaXBz IHdpdGggb3 RoZXIgYnVz aW5lc3Nlcy BhbmQgaW52 ZXN0b3JzLC B3aGljaCBo ZWxwcyB0aG VtIGZpbmQg dGhlIGJlc3 QgZGVhbHMu IEJlY2F1c2 UgcGVvcGxl IHdpbGwgYW x3YXlzIG5l ZWQgcGxhY2 VzIHRvIGxp dmUgYW5kIH dvcmssIFN0 YXJ3b29kIH dpbGwgbGlr ZWx5IGNvbn RpbnVlIHRv IGRvIHdlbG wgaW4gdGhl IGZ1dHVyZS 4gUGx1cywg dGhleSBrZW VwIGxvb2tp bmcgZm9yIG 5ldyBvcHBv cnR1bml0aW VzIGFuZCB3 YXlzIHRvIG dyb3csIHdo aWNoIGNhbi BoZWxwIHRo ZW0gc3RheS BzdWNjZXNz ZnVsIGZvci BtYW55IHll YXJzIHRvIG NvbWUuPGJy Pg==

U29tZSBwb3 NzaWJsZSBh bnN3ZXJzIG NvdWxkIGlu Y2x1ZGU6PG JyPi0gU3Rh cndvb2QgUH JvcGVydHkg VHJ1c3QgKF NUV0QpIGlz IG9uZSBvZi B0aGUgbGFy Z2VzdCByZW FsIGVzdGF0 ZSBpbnZlc3 RtZW50IHRy dXN0cyAoUk VJVHMpIGlu IHRoZSBVbm l0ZWQgU3Rh dGVzLCB3aX RoIGEgZGl2 ZXJzaWZpZW QgcG9ydGZv bGlvIG9mIG NvbW1lcmNp YWwgYW5kIH Jlc2lkZW50 aWFsIHJlYW wgZXN0YXRl IGFzc2V0cy 48YnI+LSBU aGUgY29tcG FueSBpcyBh IGxlYWRpbm cgcHJvdmlk ZXIgb2YgZm luYW5jaW5n IHNvbHV0aW 9ucyBmb3Ig Y29tbWVyY2 lhbCBhbmQg bXVsdGlmYW 1pbHkgcHJv cGVydGllcy wgb2ZmZXJp bmcgYSByYW 5nZSBvZiBk ZWJ0IGFuZC BlcXVpdHkg cHJvZHVjdH MgdG8gYm9y cm93ZXJzLj xicj4tIFNU V0QgaGFzIG Egc3Ryb25n IHRyYWNrIH JlY29yZCBv ZiBwZXJmb3 JtYW5jZSBh bmQgY29uc2 lzdGVudCBk aXZpZGVuZC BwYXltZW50 cyB0byBzaG FyZWhvbGRl cnMsIG1ha2 luZyBpdCBh IHBvcHVsYX IgY2hvaWNl IGZvciBpbm NvbWUtb3Jp ZW50ZWQgaW 52ZXN0b3Jz Ljxicj4tIF RoZSBjb21w YW55IGlzIH BhcnQgb2Yg dGhlIFN0YX J3b29kIENh cGl0YWwgR3 JvdXAsIGEg Z2xvYmFsIH ByaXZhdGUg aW52ZXN0bW VudCBmaXJt IHdpdGggb3 ZlciAkNjAg YmlsbGlvbi Bhc3NldHMg dW5kZXIgbW FuYWdlbWVu dCwgcHJvdm lkaW5nIFNU V0Qgd2l0aC BhY2Nlc3Mg dG8gYSB3aW RlIG5ldHdv cmsgb2YgaW 52ZXN0bWVu dCBvcHBvcn R1bml0aWVz Ljxicj4tIF NUV0QgaGFz IGEgc3Ryb2 5nIG1hbmFn ZW1lbnQgdG VhbSB3aXRo IGV4dGVuc2 l2ZSBleHBl cmllbmNlIG luIHRoZSBy ZWFsIGVzdG F0ZSBhbmQg ZmluYW5jZS BpbmR1c3Ry aWVzLCBoZW xwaW5nIHRo ZSBjb21wYW 55IG5hdmln YXRlIG1hcm tldCBjeWNs ZXMgYW5kIG lkZW50aWZ5 IGF0dHJhY3 RpdmUgaW52 ZXN0bWVudC BvcHBvcnR1 bml0aWVzLj xicj4tIFRo ZSBjb21wYW 55IGhhcyBh IHN0cm9uZy Bjb21taXRt ZW50IHRvIH N1c3RhaW5h YmlsaXR5IG FuZCBoYXMg aW1wbGVtZW 50ZWQgdmFy aW91cyBpbm l0aWF0aXZl cyB0byByZW R1Y2UgaXRz IGVudmlyb2 5tZW50YWwg aW1wYWN0LC BzdWNoIGFz IGluY29ycG 9yYXRpbmcg Z3JlZW4gYn VpbGRpbmcg cHJhY3RpY2 VzIGFuZCBp bnZlc3Rpbm cgaW4gcmVu ZXdhYmxlIG VuZXJneSBw cm9qZWN0cy 48YnI+LSBT VFdEIGNvbn N0YW50bHkg YWRhcHRzIG FuZCBldm9s dmVzIGl0cy BidXNpbmVz cyBzdHJhdG VneSB0byBz dGF5IGNvbX BldGl0aXZl IGFuZCBkcm l2ZSBncm93 dGgsIHN1Y2 ggYXMgZXhw YW5kaW5nIG ludG8gbmV3 IG1hcmtldH MgYW5kIGFk anVzdGluZy BpdHMgcG9y dGZvbGlvIG 1peCBiYXNl ZCBvbiBtYX JrZXQgY29u ZGl0aW9ucy 4=

U3Rhcndvb2 QgUHJvcGVy dHkgVHJ1c3 QgaXMgYSBy ZWFsIGVzdG F0ZSBpbnZl c3RtZW50IH RydXN0IChS RUlUKSB0aG F0IHByaW1h cmlseSBmb2 N1c2VzIG9u IG9yaWdpbm F0aW5nLCBh Y3F1aXJpbm csIGFuZCBt YW5hZ2luZy Bjb21tZXJj aWFsIG1vcn RnYWdlIGxv YW5zIGFuZC BvdGhlciBj b21tZXJjaW FsIHJlYWwg ZXN0YXRlLX JlbGF0ZWQg ZGVidCBpbn Zlc3RtZW50 cy4gVGhlaX IgYnVzaW5l c3MgbW9kZW wgaW52b2x2 ZXMgdXRpbG l6aW5nIHRo ZWlyIGV4cG VyaWVuY2Ug YW5kIGV4cG VydGlzZSBp biB0aGUgY2 9tbWVyY2lh bCByZWFsIG VzdGF0ZSBt YXJrZXQgdG 8gc291cmNl IGFuZCB1bm RlcndyaXRl IGhpZ2gtcX VhbGl0eSBk ZWJ0IGludm VzdG1lbnRz LCB3aGljaC BnZW5lcmF0 ZSBzdHJvbm cgcmV0dXJu cyBmb3Igc2 hhcmVob2xk ZXJzLiBUaG UgY29tcGFu eSBhbHNvIG ludmVzdHMg aW4gb3RoZX IgdHlwZXMg b2YgcmVhbC Blc3RhdGUg ZGVidCBzdW NoIGFzIGZp cnN0IG1vcn RnYWdlcywg bWV6emFuaW 5lIGxvYW5z LCBhbmQgcH JlZmVycmVk IGVxdWl0eS 4gSW4gYWRk aXRpb24sIF N0YXJ3b29k IFByb3Blcn R5IFRydXN0 IGFsc28gb3 ducyBhbmQg b3BlcmF0ZX MgYSBwb3J0 Zm9saW8gb2 YgcmVhbCBl c3RhdGUgcH JvcGVydGll cywgaW5jbH VkaW5nIGhv dGVscyBhbm QgbXVsdGlm YW1pbHkgcm VzaWRlbnRp YWwgcHJvcG VydGllcy4g VGhlaXIgZ2 9hbCBpcyB0 byBtYWludG FpbiBhIGRp dmVyc2lmaW VkIHBvcnRm b2xpbyBvZi BoaWdoLXF1 YWxpdHkgaW 52ZXN0bWVu dHMgYW5kIG dlbmVyYXRl IGNvbnNpc3 RlbnQgaW5j b21lIGZvci B0aGVpciBz aGFyZWhvbG RlcnMu

AI can indeed pose potential threats to companies like Starwood Property Trust, particularly in the real estate investment and finance sectors. Here are a few ways AI might impact their products, services, or competitive positioning:
1. Substitution: AI-driven platforms could offer alternative investment solutions that bypass traditional real estate investment trusts (REITs) like Starwood. For instance, technology-driven crowdfunding platforms may attract investors looking for high returns on real estate investments without going through established firms.
2. Disintermediation: AI facilitates direct transactions between buyers and sellers, which could reduce the reliance on intermediaries like financial institutions and property managers. This can lead to a decrease in the market share for companies like Starwood Property Trust if investors and property owners prefer to utilize AI-driven platforms that streamline these processes.
3. Margin Pressure: As AI becomes more integrated into real estate and financial services, operational efficiencies can be enhanced, pushing down costs. If Starwood fails to adopt such technologies promptly, it could face intense competition from tech-savvy firms that offer lower fees or better services, leading to margin pressure.
4. Enhanced DecisioMaking: AI can improve data analysis and forecasting, creating competition for firms like Starwood that may rely on traditional methods. For example, AI tools can evaluate market trends, property values, and investment risks more effectively, potentially yielding better returns for those adopting these technologies over traditional investors.
5. Investor Expectations: The integration of AI might shift investor expectations regarding transparency and performance metrics. Companies that do not leverage AI for analytics, reporting, or customer engagement may find it challenging to attract and retain clients who seek the insights and efficiencies that AI can provide.
While AI presents opportunities for companies in the real estate sector to enhance their offerings, it also poses significant challenges that could threaten traditional business models like those of Starwood Property Trust if they do not adapt quickly to these technological advancements.

Starwood Property Trust’s earnings, cash flow, and overall valuation are significantly sensitive to changes in interest rates due to its focus on real estate investments and financing. Here’s how each aspect is affected:
1. Earnings: As interest rates rise, borrowing costs increase for real estate investments, impacting the company’s profitability. Higher interest rates may lead to increased expenses for floating-rate debt, which could reduce net income. Conversely, if interest rates decline, borrowing costs decrease, potentially boosting earnings.
2. Cash Flow: Cash flow is directly influenced by interest rates through the cost of debt and the yield on investments. Increased interest rates can lead to higher debt service obligations, shrinking cash flow. Furthermore, higher rates may reduce the attractiveness of new investments, potentially limiting cash flow growth. If rates fall, cash flow could improve as financing becomes cheaper and new investment opportunities become more viable.
3. Valuation: The valuation of Starwood Property Trust is closely tied to the prevailing interest rate environment. Higher interest rates typically result in higher discount rates used in discounted cash flow models, which can decrease the present value of future cash flows, leading to a lower valuation. On the other hand, lower interest rates usually support higher valuations due to reduced discount rates and increased investor appetite for yield.
Overall, changes in interest rates can have a cascading effect on Starwood Property Trust’s financial performance, impacting its profitability, liquidity, and valuation in the real estate market. Monitoring interest rate trends is essential for understanding the company’s future outlook.

T25lIHBsYX VzaWJsZSBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BTdGFyd29v ZCBQcm9wZX J0eSBUcnVz dOKAmXMgZW Nvbm9taWNz IG92ZXIgdG hlIG5leHQg M+KAkzUgeW VhcnMgaW52 b2x2ZXMgYS BzaWduaWZp Y2FudCwgc3 VzdGFpbmVk IGRvd250dX JuIGluIHRo ZSBjb21tZX JjaWFsIHJl YWwgZXN0YX RlIChDUkUp IG1hcmtldC wgcG90ZW50 aWFsbHkgdH JpZ2dlcmVk IGJ5IGEgY2 9tYmluYXRp b24gb2YgZm FjdG9ycyBp bmNsdWRpbm cgZWNvbm9t aWMgcmVjZX NzaW9uLCBy aXNpbmcgaW 50ZXJlc3Qg cmF0ZXMsIG FuZCBpbmNy ZWFzaW5nIG RlZmF1bHQg cmF0ZXMgb2 4gY29tbWVy Y2lhbCBtb3 J0Z2FnZXMu PGJyPkluIH RoaXMgc2Nl bmFyaW8sIH RoZSBmb2xs b3dpbmcgZW ZmZWN0cyBj b3VsZCBtYX RlcmlhbGl6 ZSBmb3IgU3 Rhcndvb2Qg UHJvcGVydH kgVHJ1c3Q6 PGJyPjEuID xzdHJvbmc+ TWFyZ2lucz wvc3Ryb25n PjogVGhlIG NvbXBhbnni gJlzIHByb2 ZpdCBtYXJn aW5zIHdvdW xkIGxpa2Vs eSBjb21wcm VzcyBzaWdu aWZpY2FudG x5IGR1ZSB0 byBhIGNvbW JpbmF0aW9u IG9mIGRlY2 xpbmluZyBw cm9wZXJ0eS B2YWx1ZXMg YW5kIHJpc2 luZyBvcGVy YXRpb25hbC Bjb3N0cy4g V2l0aCBjb2 1tZXJjaWFs IHJlYWwgZX N0YXRlIGRl bWFuZCBmYW xsaW5nLCBy ZW50YWwgaW 5jb21lIGNv dWxkIGRlY2 xpbmUgYXMg dGVuYW50cy BlaXRoZXIg ZGVmYXVsdC BvbiBsZWFz ZXMgb3Igbm Vnb3RpYXRl IGxvd2VyIH JlbnRzIHRv IG1haW50YW luIG9jY3Vw YW5jeS4gQW RkaXRpb25h bGx5LCBhbn kgbmV3IGFj cXVpc2l0aW 9ucyBvciBy ZWZpbmFuY2 luZyB3b3Vs ZCBoYXBwZW 4gYXQgbG93 ZXIgdmFsdW F0aW9ucywg cmVzdWx0aW 5nIGluIGRp bWluaXNoZW QgcmV0dXJu cy48YnI+Mi 4gPHN0cm9u Zz5DYXNoIE Zsb3c8L3N0 cm9uZz46IF RoZSBjb21w YW55IHdvdW xkIGV4cGVy aWVuY2UgdG lnaHRlciBj YXNoIGZsb3 dzIGFzIGJv dGggbG9hbi ByZXBheW1l bnRzIGZyb2 0gYm9ycm93 ZXJzIGFuZC ByZW50YWwg aW5jb21lIG RlY2xpbmUu IEluY3JlYX NlZCBkZWZh dWx0cyBjb3 VsZCBsZWFk IHRvIGhpZ2 hlciBwcm92 aXNpb25zIG ZvciBsb2Fu IGxvc3Nlcy wgZnVydGhl ciBzdHJhaW 5pbmcgb3Bl cmF0aW9uYW wgY2FzaCBm bG93cy4gQW RkaXRpb25h bGx5LCBpZi BpbnRlcmVz dCByYXRlcy ByZW1haW4g ZWxldmF0ZW QsIHRoZSBj b3N0IG9mIG NhcGl0YWwg d291bGQgaW 5jcmVhc2Us IGltcGFjdG luZyB0aGUg cmV0dXJucy BvbiBuZXcg aW52ZXN0bW VudHMsIHdo aWNoIG1heS BiZWNvbWUg bGVzcyBhdH RyYWN0aXZl IHRvIHNoYX JlaG9sZGVy cy4gPGJyPj MuIDxzdHJv bmc+QmFsYW 5jZSBTaGVl dDwvc3Ryb2 5nPjogVGhl IG92ZXJhbG wgaGVhbHRo IG9mIHRoZS BiYWxhbmNl IHNoZWV0IH dvdWxkIGRl dGVyaW9yYX RlLiBXaXRo IHJlZHVjZW QgYXNzZXQg dmFsdWVzIG R1ZSB0byBk ZWNsaW5pbm cgcHJvcGVy dHkgbWFya2 V0cyBhbmQg cG90ZW50aW FsIGRlZmF1 bHRzLCBlcX VpdHkgY291 bGQgc2hyaW 5rLCBsZWFk aW5nIHRvIG FuIGluY3Jl YXNlIGluIG xldmVyYWdl IHJhdGlvcy 4gVGhpcyBj b3VsZCBwcm 9tcHQgbGVu ZGVycyB0by ByZWFzc2Vz cyByaXNrIG FuZCB0aWdo dGVuIGJvcn Jvd2luZyBj b25kaXRpb2 5zLCBtYWtp bmcgaXQgbW 9yZSBkaWZm aWN1bHQgZm 9yIFN0YXJ3 b29kIFByb3 BlcnR5IFRy dXN0IHRvIG FjcXVpcmUg bmV3IGFzc2 V0cyBvciBy ZWZpbmFuY2 UgZXhpc3Rp bmcgb25lcy 4gRnVydGhl cm1vcmUsIG luY3JlYXNl ZCBwcm92aX Npb25zIGZv ciBiYWQgZG VidHMgbWF5 IGxlYWQgdG 8gYWNjZWxl cmF0ZWQgZG VwcmVjaWF0 aW9uIGFuZC BpbXBhaXJt ZW50cyBvbi B0aGVpciBy ZWFsIGVzdG F0ZSBhc3Nl dHMsIG5lZ2 F0aXZlbHkg aW1wYWN0aW 5nIG5ldCBh c3NldCB2YW x1ZS48YnI+ SW4gdGhpcy BuZWdhdGl2 ZSBlbnZpcm 9ubWVudCwg aW52ZXN0b3 Igc2VudGlt ZW50IG1pZ2 h0IHNoaWZ0 LCBsZWFkaW 5nIHRvIGxv d2VyIHN0b2 NrIHByaWNl cyBhbmQgaG lnaGVyIHlp ZWxkcyBvbi BkZWJ0IGlu c3RydW1lbn RzLiBUaGlz IHdvdWxkIG NyZWF0ZSBh IHNlbGYtcm VpbmZvcmNp bmcgY3ljbG Ugb2YgcmVk dWNlZCBhY2 Nlc3MgdG8g Y2FwaXRhbC BhbmQgZnVy dGhlciBpbX BhY3RzIG9u IHRoZSBjb2 1wYW554oCZ cyBhYmlsaX R5IHRvIG9w ZXJhdGUgZW ZmZWN0aXZl bHkuIE92ZX JhbGwsIGlm IHN1Y2ggYS BzY2VuYXJp byB1bmZvbG RlZCwgU3Rh cndvb2QgUH JvcGVydHkg VHJ1c3QgY2 91bGQgc2Vl IGEgZnVuZG FtZW50YWwg c2hpZnQgaW 4gaXRzIG9w ZXJhdGlvbm FsIGFuZCBm aW5hbmNpYW wgaGVhbHRo LCBwb3Npbm cgbG9uZy10 ZXJtIGNoYW xsZW5nZXMg Zm9yIGl0cy BidXNpbmVz cyBtb2RlbC 48YnI+

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3Mvb1 pkdTBFcEZx bVY2RUtKSX l3RGcud2Vi cCIgYWx0PS JTdGFyd29v ZCBQcm9wZX J0eSBUcnVz dCIgdGl0bG U9IlN0YXJ3 b29kIFByb3 BlcnR5IFRy dXN0IiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTUwIHdpZH RoPTUwIGxv YWRpbmc9J2 xhenknIHN0 eWxlPSdib3 JkZXItcmFk aXVzOiA2cH g7Jz4KCiAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n ZmxleDogMT sgdGV4dC1h bGlnbjogY2 VudGVyOyBt YXJnaW4tbG VmdDogNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dmb250LXNp emU6IDI2cH g7IGNvbG9y OiAjMzMzOy BtYXJnaW4t Ym90dG9tOi AxNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICDw n5OIIFdhbn QgdG8gcmVh ZCBtb3JlIG Fib3V0IFN0 YXJ3b29kIF Byb3BlcnR5 IFRydXN0Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TnSBKb2 luIHVzIGFu ZCBncmFiIH lvdXIgY29w eSBvZiA8aT 4iVGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrcyI8L2k+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvcD4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTJweD sgZm9udC1z aXplOiAxM3 B4OyBjb2xv cjogIzQ0ND snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgU2lnbiB1 cCBub3cgYW 5kIGdldCBv dXIgZnJlZS BlQm9vayAK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxi PlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3M8L2I+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxNnB4OyBm b250LXNpem U6IDE0cHg7 IGNvbG9yOi AjNDQ0OyBm b250LWZhbW lseTogLWFw cGxlLXN5c3 RlbSwgQmxp bmtNYWNTeX N0ZW1Gb250 LCBTZWdvZS BVSSwgUm9i b3RvLCBIZW x2ZXRpY2Eg TmV1ZSwgc2 Fucy1zZXJp ZjsgbGluZS 1oZWlnaHQ6 IDEuNjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgSG F2ZSB5b3Ug aGVhcmQgYW JvdXQgb3Vy IHNob3J0ID xzdHJvbmcg c3R5bGU9J2 ZvbnQtd2Vp Z2h0OiA2MD A7Jz5EYWls eSBWaWRlby BOZXdzbGV0 dGVyPC9zdH Jvbmc+Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naH R0cHM6Ly93 d3cuaW5zaW dodGZ1bHZh bHVlLmNvbS 9uZXdzbGV0 dGVyLnBocC cgdGFyZ2V0 PSdfYmxhbm snIHN0eWxl PSdjb2xvcj ogIzAwN0JG RjsgdGV4dC 1kZWNvcmF0 aW9uOiBub2 5lOyBmb250 LXdlaWdodD ogNTAwOyBt YXJnaW4tbG VmdDogNnB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgRm luZCBvdXQg bW9yZQogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIAog ICAgICAgIA ogICAgICAg IDxzcGFuIG NsYXNzPSdi bHVycmVkLX RleHQnPgog ICAgICAgIC AgICBNUzRn VTNSaGNuIG R2YjJRZ1VI SnYgY0dWeW RIa2dWSCBK MWMzUWdLRk 5VIFYwUXBJ R2x6SUcgRn VJRUZ0WlhK cCBZMkZ1SU hKbFlXIHdn WlhOMFlYUm wgSUdsdWRt VnpkRyAxbG JuUWdkSEox IGMzUWdLRk pGU1YgUXBJ SFJvWVhRZy BjM0JsWTJs aGJHIGw2Wl hNZ2FXNGcg WTI5dGJXVn lZMiBsaGJD QnRiM0owIF oyRm5aU0Jz YjIgRnVjeU JoYm1RZyBi M1JvWlhJZ1 pHIFZpZENC cGJuWmwgYz NSdFpXNTBj eSBCcGJpQj BhR1VnIFZX NXBkR1ZrSU YgTjBZWFJs Y3lCaCBibV FnUlhWeWIz IEJsTGp4aW NqNHkgTGlC VWFHVWdZMi A5dGNHRnVl U0IzIFlYTW dabTkxYm0g UmxaQ0JwYm lBeSBNREE1 SUdGdVpDIE JwY3lCaVlY TmwgWkNCcG JpQkhjbSBW bGJuZHBZMm dzIElFTnZi bTVsWTMgUn BZM1YwTGp4 aSBjajR6TG lCVGRHIEZ5 ZDI5dlpDQl EgY205d1pY SjBlUyBCVW NuVnpkQ0Jw IGN5QjBhR1 VnYkcgRnla MlZ6ZENCai BiMjF0WlhK amFXIEZzSU cxdmNuUm4g WVdkbElGSk ZTViBRZ2FX NGdkR2hsIE lGVnVhWFJs WkMgQlRkR0 YwWlhNcyBJ SGRwZEdnZ1 lTIEJ0WVhK clpYUWcgWT JGd2FYUmhi RyBsNllYUn BiMjRnIGIy WWdiM1psY2 kgQWtOaUJp YVd4cyBhVz l1SUdGeklH IDltSURJd0 1qRXUgUEdK eVBqUXVJRi BSb1pTQmpi MjF3IFlXNT VJSEJ5YVcg MWhjbWxzZV NCcCBiblps YzNSeklHIG x1SUhObGJt bHYgY2lCaG JtUWdiVyBW NmVtRnVhVz VsIElHeHZZ VzV6TEMgQm hjeUIzWld4 cyBJR0Z6SU dOdmJXIDFs Y21OcFlXd2 cgYlc5eWRH ZGhaMiBVdF ltRmphMlZr IElITmxZM1 Z5YVggUnBa WE1nS0VOTi BRbE1wSUdG dVpDIEJ2ZE dobGNpQnkg WldGc0lHVn pkRyBGMFpT QmtaV0owIE lHbHVjM1J5 ZFcgMWxibl J6TGp4aSBj ajQxTGlCQm N5IEJ2WmlB eU1ESXcgTE NCVGRHRnlk MiA5dlpDQl FjbTl3IFpY SjBlU0JVY2 4gVnpkQ0Jv WVdRZyBZU0 JzYjJGdUlI IEJ2Y25SbW IyeHAgYnlC dlppQnZkbS BWeUlDUXhN eUJpIGFXeH NhVzl1TEMg QjNhWFJvSU hCeSBiM0Js Y25ScFpYIE 1nYVc0Z1lX eHMgSUcxaG FtOXlJSCBC eWIzQmxjbl I1IElIUjVj R1Z6TEMgQn BibU5zZFdS cCBibWNnYj JabWFXIE5s TENCeVpYUm ggYVd3c0lH bHVaSCBWem RISnBZV3dz IElHRnVaQ0 J0ZFcgeDBh V1poYldscy BlUzQ4WW5J K05pIDRnVk dobElHTnYg YlhCaGJua2 dhWCBNZ2JX RnVZV2RsIF pDQmllU0JU ZEcgRnlkMj l2WkNCRCBZ WEJwZEdGc0 lFIGR5YjNW d0xDQmggSU dkc2IySmhi QyBCd2NtbD JZWFJsIElH bHVkbVZ6ZE cgMWxiblFn Wm1seSBiU0 IwYUdGMElI IE53WldOcF lXeHAgZW1W eklHbHVJSC BKbFlXd2da WE4wIFlYUm xManhpY2og NDNMaUJUZE dGeSBkMjl2 WkNCUWNtID l3WlhKMGVT QlUgY25Wem RDQnBjeSBC aElHMWxiV0 psIGNpQnZa aUIwYUcgVW dVeVpRSURV dyBNQ0JwYm 1SbGVDIEJo Ym1RZ2FYTW cgY0hWaWJH bGpiSCBrZ2 RISmhaR1Zr IElHOXVJSF JvWlMgQk9a WGNnV1c5eS BheUJUZEc5 amF5IEJGZU dOb1lXNW4g WlNCMWJtUm xjaSBCMGFH VWdkR2xqIG EyVnlJSE41 YlcgSnZiQ0 JUVkZkRSBM anhpY2o0NE xpIEJKYmlC aFpHUnAgZE dsdmJpQjBi eSBCcGRITW djSEpwIGJX RnllU0JpZF ggTnBibVZ6 Y3lCdiBaaU JwYm5abGMz IFJwYm1jZ2 FXNGcgWTI5 dGJXVnlZMi BsaGJDQnRi M0owIFoyRm 5aU0JzYjIg RnVjeXdnVT NSaCBjbmR2 YjJRZ1VIIE p2Y0dWeWRI a2cgVkhKMW MzUWdZVyB4 emJ5QnBibl psIGMzUnpJ R2x1SUggSm xZV3dnWlhO MCBZWFJsSU dWeGRXIGww ZVNCMGFISn YgZFdkb0lH bDBjeSBCem RXSnphV1Jw IFlYSjVMQ0 JUZEcgRnlk Mjl2WkNCUy BaV0ZzSUVW emRHIEYwWl NCVFpXTjEg Y21sMGFXVn pMaiB4aWNq NDVMaUJUIG RHRnlkMjl2 WkMgQlFjbT l3WlhKMCBl U0JVY25Wem RDIEJvWVhN Z2NtVmogWl dsMlpXUWdi biBWdFpYSn ZkWE1nIFlY ZGhjbVJ6SU cgRnVaQ0J5 WldOdiBaMj VwZEdsdmJu IE1zSUdsdV kyeDEgWkds dVp5QmlaVy BsdVp5QnVZ VzFsIFpDQj BhR1VnSXog RWdRbVZ6ZE NCTiBiM0ow WjJGblpTIE JTUlVsVUlH SjUgSUVadm NtSmxjeSBC cGJpQXlNRE l3IExqeGlj ajR4TUMgNG dWR2hsSUdO diBiWEJoYm 5rZ2FHIEZ6 SUdFZ2MzUn kgYjI1bklI UnlZVyBOck lISmxZMjl5 IFpDQnZaaU J3WlggSm1i M0p0WVc1ai BaU3dnWTI5 dWMyIGx6ZE dWdWRHeDUg SUdSbGJHbD JaWCBKcGJt Y2djbVYwIG RYSnVjeUIw YnkgQnBkSE 1nYzJoaCBj bVZvYjJ4a1 pYIEp6SUhO cGJtTmwgSU dsMGN5QnBi bSBObGNIUn BiMjR1IElF bHVJREl3TW ogQXNJR2ww Y3lCMCBiM1 JoYkNCemFH IEZ5Wldodm JHUmwgY2lC eVpYUjFjbS A0Z2QyRnpJ RzkyIFpYSW dNVEFsTGcg PT0KICAgIC AgICA8L3Nw YW4+CiAgIC AgICAgCiAg ICAgICAg